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Industrial Production For Oil And Gas Well Drilling Drops To Lowest This Century

Industrial Production growth in The US has now slwoed for 10 straight months, rising just 0.4% YoY in September - the weakest growth since Dec 2009 - signaling the path to recession is clear. Manufacturing production YoY slowed to just 1.4% - the slowest since Feb 2014. For the 8th month of the last 9 IP fell MoM with a 0.2% drop in September as a modest revsion higher in autos was offset by a plunge in Oil and Gas Drilling to the lowest this century (down 4% after rising 1.7% last month).

 

Recession Looms...

 

As it appears Auto Assemblies are starting to roll over (which makes sense in light of the record high inventories)...

 

But the biggest driver was a collapse in Oil & Gas Drilling...

 

Charts: Bloomberg